Color Star Technology Co., Ltd. Announces Plan to Host A Cell Bank on Color World Metaverse Platform, Providing Users with Their Own Exclusive Health Accounts

NEW YORK, March 3, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence ("AI") in the entertainment industry, announced today its wholly-own subsidiary Color Sky Entertainment Ltd. has reached a strategic cooperation with Bobaiyue Biotech ("Bobaiyue Biotech") and established a cell bank on its Color World metaverse platform, which also represents the platform's extending another business track. In the future, Color World will give full play to its own technology and artificial intelligence, promoting it with its partners in the biotechnology area globally.

With the launch of the Color World metaverse platform in Apple and Android app stores, people around the world can now download it easily. With over one million app downloads already, the Asian version of it will also be available in the app stores soon, by which time users in Asia will also increase a lot. Such a huge user base has also brought a lot of business potentials. Many enterprise merchants have begun to settle in Color World, taking advantage of the metaverse trend to expand the industrial sector in the era of "Internet +". The biomedical area is a brand-new track of the Color World metaverse platform. Color Star and Bobaiyue Biotech will collaborate to build the "Color Cell Bank".

In this virtual cell bank, our online users can freely apply for the deposit of their own "cord blood" and "stem cells", and conduct regular "physical check-ups", just like entering a real-world bank, whereas the deposits are no longer actual currencies, but a health guarantee, and the accounts opened belong to the users' own tailor-made health circumstance, more suitable for their physical condition. Moreover, in this cell bank, each user can also associate the health information and gene reports of their whole family, which is beneficial to the prompt investigation and utilization when they themselves or their families require stem cell transplantation or anti-aging needs. In addition, both parties shall continue to improve their own technologies continuously, based on which, the "Color Cell Bank" will also offer services and information on human cloned organs and cloned hearts. Furthermore, the "Color Cell Bank" is expected to provide certain help to hospitals and patients around the world.

Mr. Lucas Capetian, CEO of Color Star, said: "The establishment of the 'Color Cell Bank' will benefit more people, especially our users, who not only enjoy the fresh content brought by various merchants and sections in the Color World metaverse, but also experience the unprecedented convenience in the health-related aspects over the platform. We hope that with the continuous optimization and improvement of the platform, it will bring not only a colorful life, but more convenient experiences and better satisfaction."

About Color Star Technology

Color Star Technology Co, Ltd. (Nasdaq: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where CSCW conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

SOURCE Color Star Technology Co., Ltd.